Sft'Wl&G LKDfcJKPHlLABJiJlHlA, TUESDAY, OCTOBER 1G, 1917
FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK MARKET QUOTATION
WfclCH WILL YOU B87
t
I -
i
'4l
WILL YOU BE ft MAN,
AND LEND YOUR MONEY
TO YOUR COUNTRY, AND
ET A PER CENT. ON IT,
OR
will you refuse to
lend it. and make your
country get it out of
you by taxes, when
you Will get nothing
ON IT?
TAKE YOUR CHOICE.
REILLY. BROCK A COMPANY
STOCK MARKET FINALLY
OVERCOMES BEAR RAIDERS
Trading in New York Shows Improved Tone, With
Principal Stocks Recovering: Losses Sales
Pass 1,000,000 Shares
High
h Points in Today's Financial News
After declining to the lowest levels reached on the present movement
stocks braced and prices on both the New York Stock Exchange and the
Philadelphia Stock Exchange advanced swiftly toward normal values. The
unpioved tone of the markets cas undoubtedly due to influences determined
to prevent an titlei collapse and a panic. Railroads were patticutarly stiong.
The curb mat Kef impioved, with motor slocks heavy, drain and cotton
higher. Money highei. Uar Silvei lotvei. Foieign Exchange dull, with
mbles lowei.
1
1
i
Jw
r
A Comparison of
First & Second
L i b c r t v L
onus
Send for Special Ciicular 2oiS.
Bonbright & Company
Mormis wisT.ut stiioi i ir
Manager
437 Chestnut St . Philadelphia
New York Boston I hlusn
tomJon , Pirl l iioit
i
r
War Tax Service
Information lor the convenience
or tho taxpayer
Wc have in pamphlet form:
1 An expert analysis of the
fJrarTa Law at applying
to individuals and cor
porations. 2 The complete text of tlie
War Ta Law annotated,
cross referenced and in
dexed. 3 An Income Tax Chart
enabling the taxpayer to
ascertain the amount of
his tax at a glanie.
W. thill bft g!tl to ftirnuh tay ol th
abot. tnealioaed pampblrl upoa rr.ul
ri,ie induite ih,c-h f (bet. piftsrhlti
you rmjuirr
The National City
Company
1421 Chestnut St Philadelphia
evv ork Chicago "-.n Trainmen
Boston Pittsburgh
SAJPULPA
Refining" Company
Vn oil compuuv that rained in er i
a in lvio
Current dividends ao cents a idiaie
quarterly
Production ubout 7 U00 battels per
da ; 700 barrels fiom awn wells
Head about the casing-head gasoline
plant and other Improvements that
should swell the cat nine record In
1017.
Send for Report 163-T. U.
JONES & BAKER
bTOCK mtOKDItS
Widener Bid?., Philadelphia
Hell Walnut 1000 1
Keystone Haco "jou
New lork ISo.tmi
Chicago Pittsburgh
Direct Pniale Hues
JO.VKS 4 B.lKEt:.
Widdier Blilo,. PMladelvhla. fa
You may eend ma our report lti.1 'i' I
'ix.ainc . . ..
Addict
C III Slate ....
Financial Byiefs
A buKetln Issued by the Department of
Commerce elves the export price of cotton
., by the pound In August as 27,2 cents
aralnst 14 Lents In Aucust. 1318. .in ),,,...'
$& of nearly J00 per cent
In nrdr tn nrnl (tlri fnniHH.a r..- t i
... v. . ... ,..-.. .V.W. ..... tvl .tiller,
jarl ftcntrllern 111 lnplan.l ft... 1 nn.ln si,--
Midland Bank lias established 'branches In
Ifnioned
Tle Aurora Automatic Machinery Com
pauv has Intra ited Its dlMOends for the
fourth time this year At the meeting of
(ho dlrcvturs, the rato nas raised to l'
per cjnt payable October 15 ltd net be
fore taxes U said to be running at the rate
of about S5 per cent per annum on the
I6.000.tt00 stock
The transfer books of the i'emisUiania
I'JUllroad will close Noember 1 for dlvl-
,rtnd purposes; meeting to ie held Octo
tar 84
Harley T MclXrmott formerK unslstant
ettshter In the treasurer's department of th
Kjwnnsyhaiila FUUroad. has beet. elected an
a-Wisiam ireasuryr 01 me ixipan Trust
r (Vwpany ot Phlladelpbui to take effeot No
wfctr 1. 19 IT.
t is atated offlclalh that the Central
uUhtr Company has taken a large con
ct for sole leather for the account of the
tlibfclfiin flnviiimnl TIia ammittt utllf hu
(ifw fc ... ... 4...W .wu nil) U1
IA tfXtm of 15 00.000 Tlie contract tails
( r paymeiU In American duMars.
v nrric.au Vine Jftavl and hnieltljis com
fi,, i-r iiBMHi if M BO a share on
)iHNjrrBl t'vMvPbveWir i to stock f
jmt --"-- mmi.i- ,
NBW YORK. Oct. 16
The stock inmket showed a stionj; lone ull thioualt tho day's dealings, ton
trastitiB strongb with the feverish trading jesteiday. when no many slocks sold
at new low jeeords for thn veat. There nas a good ileal of conjectuie and snt
mlse as to the cause of tlili sudden tesersal lu inatket movements. Thete ai
leawon to believe that a check had tieen nbtuptty phu-ed on heat operations,
which had been effective In the past In foiclng liquidation of speculative lines
and causing tnan holdings of stocks to be sacrificed because of exhausted mat
gins and lmpalted lesoutecs. It must be understood that the standing of specu
lative accounts is nicasuted not b.v assets value of securities oi earning- powet of
coi porallons, but bv the pi Ices tecoidcd In unrent finding opeiatlons on th
Stock Exchange and when these prices vvete below the lequhed valuation of col
lateral In rustomeis' aLcounts. scturlties wete summaillv closed out.
Thete has been a good deal of discussion lecentlv as to the wisdom of pet
inltting shot t sales at the present time, but many of the governois of the K
cltangc hold to the view that shott selling furnishes a balance to the ntatket,
which Is of gieat valuo when selling movements occulted on which long slock
must find buvets Some of the goveinots at the ptcscnt time derive moro ptollt
(torn be.nlsli opetntions than can be obtained bv depending on the limited amount
of lnvestiuent buvlnj foi theli buslntss
I'nlted Stated Steel common letletted suppoit lot n gieatei extent than nnv
othet issue, .vleldlng only ' at the stall, when It sold at 99s4. fiom wlikli it
advanced to lOH'i. Manv other stocks made gains of 2 to 5 points duilng the
dav, Including lmpoitant Intlustiials ami the leading lalltoad issues. Reading
1st and I'd pitfeiicd hold at S5 at which pike the dividend Ield is close to B3t
pet cent
Thcie was active tiadlng in the bond tnatket toda.v with the lalltoad bonds
showing lompaiatlvel.v lit met- tone tiftet jleldlng sllghtl.v in the eatly trading
Anglo Trench it sold down In the foienonu to 91M l.ibtitv Iiotuls tanged ftotn
99.70 to 99 7a
Investors Thoroughly Frightened
The wav the stock ntatket acted at the openltif, of the week with all of tho
tonsltuUive factors m well adveitlbed suggests the thoioughly ftlghtcntd
condition of investois and the light of way tlat opctatots for a decline ate
given b.v Wall stied and Stock i:ehange authotitles. No account was taken
of factois that would seem to be beneficial Itcavv liquidation all thtougli the
Industtlal and lalltoad list bt ought the lowest aveiage of pi ices so fat made tills
vcai Suppoit that was ifenciallv cpected did not appeal.
The Russian news vva- all that could have been placed on the debit side
of the niaiket account It was bad enough hut lias been bad so long that It Is
taken foi gi anted that nothing good can now come out of the new lepublic.
1'ioni eveij othei quaitei the suggestions weie bullish. Cut they had not
the soit or niaiket icactlon looked foi. Tho slow sub'Ctiption to the liberty
Loan had somewhat of a depiesslng eftect, but buj ing of it will not be
quickened b lowei becuilty pilcos. and as bankers have guaiantced that tho
loan will be coveted thej must cvcntuallv Htav the liquidation in tho maiket.
The pieaent geneiation has never had such baigaius in lilghgiadc shaics ami
bonds placed befoie 11 as ate offeied toda s
Bondholders Become Panicky
The statement of the Cotnptiollei of the Cunency to the llect that national
banks mav tate theii bonds above the piiccs cunent conies at a time when
the aveiage of the bond niaiket had leached a level Just 10 points tindei that
of last .lanuatj and holdeis of bonds vvete becoming panicky.
hast week's losses were heavy, incieaslng the Income yield but diavvlng
down niaiket pikes to a polht wlieie It was. questionable vvhethei the holdei
inuld suivive his losses. The effect on the banks of bin inking collateial was to
v ui tail boi lowing that might have been applied to subseilptlons to the hlbeity
I.oii n
'I he situation in lespect to savings bank Investment is lathei diflcient fiom
that of the national banks The.v may only buy sccuilties tendeied leal by
leitaln pitcilptlous as to the length of time and sle of dividends paid on
stocks etc. No attitlclal method would sustain a bond whose maiket had been
made on the lcgalltj basis In the case of tailtoad issues the Intcistate Com
meice Commission can do mote foi them than the (,'omptiollei of the Cuucno.
Little Prospect for Freight Increases
Tlieicfoie, the confetence this week between tncmbeib of the commission and
c ci tain executives and ti amc men has an important bcaiing on the Investment
outlook. It is doubtful If mote than an undti standing between the two inteiests
is attempted at this time. The can lets have not made up their statements for
September in complete enough foim to lav them befoie the commission as the
final evidence foi highei lates The commission believes that a full month's
letuins, to Include the Incieases lu the cential height association tenltoij,
should be available befoie any aigument of highei lates could be heaid. It Is
doubtful if a decision will be icndeied which will give the loads moie tevemie
Inside of a month oi six weeks
Motortruck Line to Philadelphia
A New Yotk papei today udveitised a motoiliutk seivlce between this
city and Philadelphia. Goods teceived at C p. m. will be dellveied at noon the
dav following. The capacitv of this service is 200 tons a day, oi four to
live well loaded bo.v cais. This is an outgiowth of the congested condition
of lailroad tiafflt. The motottiuck is being pressed into use vet) commonly
out of all large cities Some Industries ate accommodating 1000 tons a day of
law matetials between vaiious plants of the same coipoiatlon by the employ
ment of a fleet of motot-diiven vehicles.
Real Bargains in Investment Stocks
Relative to the underwriting pi Ices of onl.v a few months ago oi to
the income letutn, the following bonds give attractive investment oppoitunltles:
Ameiican Smelting fltst moitgage os at S9, Atlantic Coast Une consolidated
4s at 80H, Bethlehem Steel lefunding 5s at 90 (they ate redeemable at 103),
Chicago Rallwavs Es at SS'iP Intetboiougli Rapid Tiansit lefunding 5s at 85 '
(they vveie mostly all issued at 99i), ielding about 6 pei cent without tegaid
to matuiity, Manhattan Klevated consolidated 4s, tu exempt, at 81; Reading
geneial 4s. icglsteied, at SS'i; United States Rubbei lefunding 5s at 81, letutn
ing b4 pei cent; Western Union collateial 5s at 91, Aigentlne (lovernment Is
at 80Vi and City of Toklo 3s at 73i
Car Builders Refuse New Orders
TUe leluttance with which the caibulldeis aie accepting oideis foi fotelgu
dellveu Is due to the small maigln ovei the old piices gianted by the Govern
ment when the higher wages aie taken into account. Some of the buildeis
absolutely lefused to make bids. The decline In the equipment stocks tefers
to the declining pionts on foielgn business when conttacts foi domestic toads
aie i educed to a minimum.
I'tessed Steel common, a 7 per cent issue. Is selling at 53, oi the sam;
ptlce as Ameiican Locomotive common, which pas 5 per cent. Ameiicaii
Car common. 4 pei cenPregular with extias of 1 per cent quatteily. Is quoted
at 57, compared with above SO last June. The locomotive buildeis aie con
centiating their effoits Just now on Ftencli oiders, which aie being turned
out at the tate of twelve engines a week. Theie may'be 500 or 1000 built
eventuall). '
INACTIVE NEW YORK STOCKS
Following aie quotations for inactive New Yoik stocks and In which thero wete
no transactions toda.v The price given Is the last pievlous sale.
i
A.Iinn Kiprfft"
.Ailvftiiie t.time!
AiH HumMr pf
AJax Rubber
AilU-chulm prct
Am Jc-e Htc
Anl AVooltn pref
Am Azr ('hem
Am Asr l"h pf
in
1.'
L'K
HO
iV
lS'4
H'l',
IIS
Am net HilKMr tkt b
A H H I" ctra. 10J
ARUH'tlpI till
A II B k V pref IIM
Alaka Juneau , "
Am I'an pref (SV
v.ia t'otton till S.-U
Am tUpreia tin
Am Ir prff 4H
Am Ioco pref H9
Am l.uco pref 100
Am Sinflt pref A U'-a
Ara Hmelt B. n
Am Kuvar uref..JlS
Am Humatra pf D5
ji.
( ent Fd So
int S Am lei
I'lii ( Alton
fill Alton pf
Chi I. Ot Weat.
riiieU-Peab'dy pf 110
I'ol L So let pf B9x
I'ol & South.. . '.'4
I'ol ri ia pf.. .!'
'on II K M r 10
'on Int,Cal Uln IT'
Ton Can pref... 1024
Continental In. Mli
Cuba Am Suiar .1711
ruha.m Hu f 10 J
D 8 M A Of.. R
Den Rio Orund i
Den & Rio a pf. 14
Detroit Kdlion ,.lJtl
KVu Stor Hat,. SHU
Klkiioru Fuel. . -;
Oeneral Clear , ti
weit via, i-.
Tacleda Oaa . 97
I.lr a. l 'lob :oo
Ui I: M lob rtP i
Uonx Iil -tr pr 4fl
l.orlllard P SOS
Loula $t Nah, .tL'liia
M 8tP b HS1I pf.I17
Manhattan Ueach 1
May Dept More.. Ko
May Uept Ktra pf.lOS
Mich Cent 11 II
Mlun t: St I. new 11
Atont Power "0
Mont, Power pref, Ins
jtorria iasex, au-m
1 Ii i ft K uref sni
Ht.nu.ri. Mtl'.-p, gg
S'tufMVlor"" SScj
V-7V'5 xll- $fc
Ht 1 y pr,f. o
9Sti
ot o t a Bl'i l'a,",""Wlnia S8J
It pref. 114 "toCllvRT, 78
: Suit 88 Vtni.Bie, PB-. 10
. .nun run lira 'JO
Am Tel A Cab
Am TlTMit
Ara Writ Pap pf
Also D O let pf,
Ao Oil
Atl n rm k Atl
Bald lca pref
Barrett l'o ,
r i Tiilf
Hatopllaa UirJ.
!- Mteei lirVjf
H. Ill Steel rt
HrKn tn Oaa
nrttwn 3nof
uc
birna
en
"'i
utu
1.1
9H
S
I Ull
10s
T
, ?85
flu,i.lrtrh n Xr nf.inn
Oulf S Btl let pf 10S
Hartman Corp... HJ
llaek.ll t HerLer S
Havana Elee ,.101
Itomeitaka Mln. lATi;
Jnt Cons Corp pf. 494
Int ran Corp prf 4
lnt llarr ot N J.l?,
In llnr of N J pf lilji
Int Nickel pf lOa
Int Paner pf ill 80JI
Iowa Central ..i'i
Iowa Cent pf ..
.Tewtl Tea M a'i'i
Jewel 'feapf Jf
Kan City Smith I J
Morrla t E
Mo Pao a a
Nat lllicult
Nat Cloak I
Nat Clk & St pf loa
X-... t .. ...r -inn
Vt RP. Mex lit pf 4U "iieo orue ,. . s
Nt U Fl Mex pref. 40 'ifil Drutt lit pf. n
Nt HR Mex 2d pf BO'i V'.)"' Drug- I'd pf 74
is 1 v. a av n.4 y.
u.. .u .
NT Dock 1J
Norf ft South. . l
Korr wen pret n ,
Ontario Silver , ,4'e
ei-e
Ohio Fuel
Ohio Oil rti
CS
Pan-Am Pet pfef 0
Tan-Am Pet prior
pref rt . 0
Peo tflCeat . V,i
Per ilaro Pref X
Pierce-Arrow 57
QultUellyer I
ll Atl Hnrlna- af ftou
United ivvA.J.V1
unrip p 1.1s
il.5B,A,i,r'':
It 2 vli.Mco ' 100
J H Realty imp' iji!
i S-R,?,u I f 60
VVeit'houie lit of er
Weit Md " ,-;
Weit Md ?d pref is '
Weet Pao R 1U 17U
Wllji-Overpr.. li
LZ..'r" '.' ft
NEW YORK STOCK SALES
mutt
Alaska Cold M .114
Allls-Chalniets in
Am lleet Sugar 1.1 '4
Am Can . 3U'4
Am Car . Kdv OS 1,4
do pref IDS
Am int Con " R.1A
Am Hide & I. . in
do pref . iinijM
Am Linseed . J",i
do pief . flu
Am hoco . .1
do pref . till
Am Malt . . . . 1 :
do ptef . .HI
Am Smelt . H'
do ptef . .101
Am .Sum Tnb , . fAt&
Am Steel Kdrj . Sll
Am SUR.ii . . 101';',
Am Tel &. Tel . . MA
Am Tobacio. "
do ptef new lis
Vin Wool . . . ti
do pief . 113
Ah! 'Am.: & head 14',
lo pief 4H
Anaconda . os
Atchison 113C4
do ptef .
Atl Clulf A W 1 inn;
do ntef . .Ml
Daldwlu loco . fllt'i',
Haltlmote A. Ohio R7
do ptef . . . . oo,l
Beth Steel 74
do II .'
do pi f I 1 im
Urookljn Rapid Tr Jl,
l.o IV
314
Id V,
fl B',4
37 la
U1
lOfl
ft?',
10
IH'i
l4
AH
li
III)
I:
III
K.1U
103
S3V4
87 V4
( loao
t
ilia
34 la
111
39 U
n.l 1,4
KIR
.130
J II
.10
3SV4
R
ftl
III)
12
II .
RIP, 4
103
aW
R9
T034 10414
11414 I If.
HlllllM llios
Butte &. Sup Cop
'Hi IVtiolcuin
do ptef .
Canadian Pacific
I'al Packing Co
'ential Leathei
do ptef
Cello do Pa(o
Chandkr Jlotot
('lies S Ohio
Chic nt -VWstn
do pief
'111 .VIII & M P
do pitf
Chic &. N'orihwstu
do pref
Chi ft I & Pac
do ft p c pf tc
do 7 i pf t
''lille Coppet
('lilno ('on Coppe
Col I'uel & lion
Col tias K. Klec
Cotisol Gas .
Cotit Can
Corn Piodtats
do pref
Ctuclble Steel
do ptef
Cuba Cane Sitgat
do pirt
Oeele l'o pief
Del & lluiNon
t) I, &. V
Dome .Mines
Dlstilleis Seem
lh le
do 1st pief
dp 2d pref
Gaston Williams
Gen Ulectilcal Co
General Motois
ilia pief . .
Goodrich U I'
Gianhy Mining
Gt Northern pf
lit Notth Ote nibs S7
(IteeiiP Con Cop S(!
Gulf htate Sled . !i(iM
Illinois (Vnltal . 'i'i
lilt AgltCUl irj
do ptef 38
lnspitation Coppet 14
Inleiboio-Con Colli S'i
'H
!"
13 4
37
1.11
37 Vi
7ft
lol 14 101 '4
31 4 31
7 I '4 71 14
IU4
l7nV
IIS
4I
111
It'i
47 il
(1H
114 ',
I7,
111
All
.10
.11',
(III
7IH4
(im,
!il'4
.-.:
117
1 1 4
I!
311
147 14
30
7014
1711
IIH
41
0.1
14'.
4X
0.1 ii
0.1 U
ft?
11.1 in
.10
81V
r,i
o
71
71
!i.i n
1
-t314
-I I'd
-f !'(.
4 1,
-t la
1
Sn
2H
!
-t 3',(.
'4
Va
-1 I
Vt
' 1
t I
t ln
I
I S'i
V4
, '4
4 3i4
1
Hllh
Wentlnghouse Mfg 4!li
Woolwotth 118
Woith P 4irB ft I
Wheel & l U 101JJ
Ho clfs '1H
Wilson Co ftfttj
White Motois 401,
Willis Overland !tl
Total anlei, l.OOi.OOO tharet, lompared with
810.IMMI ehnrea etrrdari thm far thin week.
1.81,800 ahnreii mine period taut vieeL, 444,800
liaree.
Net
1ow Cloie thr.
40 4SH 2
llS'.i 118
ftl .11 t
10 I0"4 .
S1'4 21'4 '4
.13 lit'U '
311 39 14
M 5S94 14
Sales in Philadelphia
"
'a
-I '4
I 2T
-t "4
- ;4
'4
.1:
X
18',
89 V4
'
I l(l4
22 I4
111
AH
lh
41
KB !.
:u'4
141,
114
-'7',
10
lift I,
till'?
tin
!l'i,
1 aft '4
8'4
111',
2714
204
I.I
1 17
I H,
7.1 14
I
7.1
Kill l
lnt Alei Mailtie
do pief
J ill el nl Pttttet
hit Nickel
ICatisas Citv South
do pief
U'ellv .spilugtleld
lCennecott Cop
Lack Meel
Lake lh le A. IV est
do ptef
Lehigh Vallev
Lee Rubber .t liie
Llg & M T Co pf
IajuIsv & Nash
Mackay Cos
Maiihat i:i 1
.Mav Motor
do 1st pief
do id pref
Mex Petiol
Miami Con Cop
M S P & S St M
Mldvale
Mo Kan & Te
do ptef .
MIsoml Pat HU
do ctfs pref
Nat AvTine
.Vat Con Cable
National Biscuit
vn
2.1 '4
811,
.
III
nil
11
.11
77 ,
I I
23' a
58 '4
!8'4
103
I18'4
7ft
10691
32
4,
I7"H
8S'j
101,
S
II
4T,
7',
27-S.
4K1,
.10
!.1
18
il
ft
XII '4
OX
1 1 II' J
20',
tx
.11
I41,,
U').
.1.1 ',
II '4
01 l4
II
Hi
80 1,
(UU
tin 1,
2.114
7X
10
08
lai '4
Xli
1!
17U
:a
'.Ml
:ii
114 ,
IU
7ft 14
1 1 14
71
!l'l'
2 (.14
.11 'i
XX
OS'4
l!'4
37',
I I
X
2114
77',
2U',
IX'h
lT,
10
to i4
3 J!
71
I.I
J.t
ft7
Hi,
10!
117',
7 I t
I0(il4
3 1 '4
4'4
17"),
HI
J,
01
4
I'll
',4
!I7
18
1 :: 1.
37
I .VO'!
.171:
7tr
I'll'!
3 1 '4 14
7 I '4 I la
ft J I 214
8 ',
21 'i I
I8'4 1
80 1 1 iy,
tin 14 b,
II0V4 14
ij'.i
All
18
III
14
3.'
3 1 14
III '1
III
271,
X!l',
lift
014
57
78
00
!IOh
1 95 14
Xli
3,'4
l!',
27.,
10'a
3. "4
1.47
ni;
7 1 14"
t:
7.1
1 on j,
27',
:tn
on
JIX'.,
.ix
U'h
8
2.1 '4
81
2i '4
!!
I.
Ill
I!
.11
77 '4
I
5814
.. '4
2'
I
2 "i
f 1 '.
4-IT,
rl
I
1-1',
t- I
t-
'",
II,
1- ',
4 !'
t- .i4
l'2
t 14
1
4- a,
U
- Hi
r- Mi
llll
118
7ft
lOBJi
:i:
(HU
17 s,
8714
301 4
!1
II
4'
hU
Nat Utiam i Stpd 4i4
do pief
National Lead
Nevada Con Cop
N V Air Btake
New Yoik Cent .
N Y" N H &. II
N Y' Ont & Yv est
Noif i West ...
North Ameiican .
Notth Pacific
Nova Stotla Steel.
Ohio Gas
Owens Hoi
Patlflc Mail
Peiina R R
Peo Gas &. r
P Matquette vv I
Philadelphia Co
PCC st L
Pitts & West
do pief
Pitts Coal
do pref
I'leice-Airovv ptef
Piessed Steel Car
do pief
Pullman I'al Cat
Ily Steel Spg
Ra Con Cop
Reading
do 1st pref
do "d pref
Rep I & S
do pief .
Saxon Motois
St L S r'
Seaboaid A L
do pref
Seals Roebuck
Savage Arni3
Shattuck Ailz
Sloss-Sheff Stl &
Southern 'Pacific
Sinclair Oil
Southern R R
do pref .
Sup Steel
Rtudebaker
Tenii C & Ch vv I
Texas & Pac
Texas Co
Thltd Ave It R
Tobacco Prod
Underw ood T Co
Un B & P new
fnlon Paclfio.
do pief .
United Alloy h'teel
United Cigar Sirs
United Fruit
United Ry Invest
do pref .
U S hid Alcohol
U S Rubber
do 1st pref
U 8 Smelt &. Ref ,
U S Steel ..
do pref
Utah Copper . -. ,
Utah Sec Corp .
Va-Car Chem
Va Iron C & C
Wabash
do pref A
' do prof B
Wells Farpo Kx
04
11
18
1I31,
7 t
28
211
I Oil
.10
U81,
80
381,
XII
!4W
."' !,
41
II.',,
30
HU' 1
2 I 4
Sh ,
4ft',
81
1)314
ftl
II814
137
3914
2!
7',4
35
3RI4
7.1
OUl,
12
IA,
10
2114
IftiVa
38
ll4
I 38
. 814
3314
27
fll'i
35
4014
13
1214
113
1914
S3 14
9414
S4
I23i
714
40
9414
121
7
UV4
131
58
9914
ajy
103&4
114
84H
lsvi
39
55
U
42
1H
881
21,
ir,-.,
.111
22 '4
11714
39'4
01
4 Hi
Id-;,
112
70V4
28 14
20
1(1114 105
SO
95
78'i
381,
80
2414
4 91,
47
1(1
III
(1914
-3',
ft.1'4
1414
80S
!! 14
53
08 14
134
3714
21"i
704
3ft
3ft
17,
30
22-1,
7'4
"i
01
45
18
131,
71
38
20
I I '4
- I Mi
r 1
.'4
-r !,
H4
MVa
1-1
114
114
t-l-V,
2
.10
981,
80
39':
80
i 1 14 V
ftu'i I'i
44 tI
l(i'4 -11
do ',
ll!t'4 '4
J4, 1)4
561-j i
IftT, T,
81 t
U3'4 m
,1314 lli
9814
137 114
3014 Vj
2214
HK4,
II
1 s;,
IM
2014
1.10
.18
1814
38
87
3114
2li
SBli
3S
3014
1114
1214
138
19
48J4
4
65 11
12014
78
3914
90 14
121
7,
ISM,
UK
5614
99
4U
4'
35
35 14
7ft
99
IJ
16-14
10
2114
15214
.18
1014
.18
89h
3314
27
l 14
3.1
40
1'M4
1?4
"4
t 4
Uh
14
114
5
V.
T
-r2'4
-1 114
. 9i
1
l'a
4 14
l'4
12 14
14:
1014
5314
94
B514
lSSi
76
40
9414
214
SV4
Vt
14
314
S14
122 114
1 U
1314 1H
13 -J 4
58 -I 1
99 Mi
8114 14
09W 10S14 SK
11114 114 S
8214 4 3
114 Va
30 14
55 1
V
4
1W H
15
SOW
Si
'i
40
J0H
H
. lllnh
Am Gas
Am Milling
5 Bald Loco pf 96 14
('am Iron
Con Tr N J
2585 L'lec St&i . A I
20 Gen Asp pf. 58
3 Kenne Cop 83t
160 Key Tel Co 1114
2810 Lk Sup Cotp 1114
415 Leli Nnv 9i
240 Lch Val . A8
SON Y Cent 71 li
12545 Penna R It S0V4
20 Pa Salt Mfg 91
35 Phlla Co.. 30
.70 do cum pf 31'4
1073 Phlla Rice 3614
Phlla R T
8810 P It T tr cfs 3ftS
006 Reading . 7I'
1380 Ton Jlelmont 311
125 Ton Mining .1,,
73i Union Trart 40
768 I'n Gas Imp 7214
I'll Cos N .1
.1181 1 S Steel 1031,
100 VVestlngll RI 414
Wat It &. St .
W .let- &. S
III West Coal . 7la
:; Win 1 'lamp 8
Net
91114
,10
RK
33i
11'4
ltli
69
.17 '4
711,
All
!ll
30
3314
23i
21S
71 '4
34
ft 14
40
7114
4
t47
7614 7(1',
68 68
Clnte thxe
tHIO
4914 .
1 H614 14
44
t7l
501, 11,
88 I
S, 114
1114 14
1114 '4
69 4 14
38 ',
711, 4- n.
All",
ill
30
3314 .
2614 1,
36
25 -1-2
741, !
31, ..
BV. ri
40
7214
7206
10.114 4-1 "4
41?, 4-1
IMPROVED TONE PERVADES
PHILADELPHIA STOCK EXCHAKG
Market Finally Rallies in Response-to Determined Effnrf
nf Rnllo nr! T.nfn Tfnfiiniv UTlnnc, r.,,4- T rlS3
Wi UUIIO U14C4 JUIMV.V- ."'6 "11JM uui XjUSSCS
Sustained During Morning Slump
'Quotation given is estctda s close
lutnl mien, 17,460 pihare, rompjreil wllh
21,017 hliirrs ve.itrrd.ivf thus fur this week.
30,397 fcliurrMt sntnn period luht week, 7638
tiliurr,.
IKIMIS
S300O m IJ X. i: 5s 80
8000 C Ti N .1 Bs 9'4
3000 i: & P Ti Is. 741,,
1000 Lev Tel tst
f.s US O.l 03
Kioii Leli Nav ton .
1'as . 871, .!, 971
KH.IO Lib Bonds 110.
4000 Lehigh Val
8i
The Phlladelpiiia Stock 17xchangc ilnally
tesponded to the persistent effuits of bulls
and the conservative elements to stabilize
the market, and from tho lcsuinptlon of
trading after the recess n healthier tone
existed than has thaiacterlzed conditions
In some time The failure of the bear raid
ers to taRe advantage of the contlnurd liq
uidation, even after the piices began to
soar, aroused the hopes of niativ observers
that the movement whirh lias tattled stocks
from new low levels to lower levels Is at
last at an end Improvement fiom now on
Is confidently looked forward to
Tiadlng was heav.v thiough a bioad list
todaj The market opened strong as lias
been the case during the panl week but
soon succumbed to the liilluenres w 01 king
for a greater slump At noon Pennsjl-
V&nlil vvnn nf un.- ri . ..
a new low of 221,, United .',do,,n i
vvai selling at los!: '"f,d tat Ste.H
weie close behind But hTf ,to
un n. :: i.? ' !
sinned tho market went m. . "?'n? r
It had previously gone down, TnT? ?
rloso prices vvcro strono- ,"'"? t tht
lQ
list
entlr. I
n n .. .
' ccruiicaies led 1,., 1
nearly 10,000 shares turned . '..' (
Hteei was next witli a turn over In .
ot fiOOO. Lake Superior and P.ni fXM"
Railroad were not far behind T'
niarket was active, with Kciaton. ?'
Phono 1st Ei selling up a 1. ? "-
largo blocks Liberty Bonds gold 'i .'!
po.ms vo ,, ou-iuo on a fair-slzed tranV,
Net
Low i lop Llipt.
811 811 94
9814 9814 la
7114 7414 y.
gen
do
4'.!S .
1 111111 Phlla .
5s
4s .
cons
!003
lh le
9J
99 ?4
20(10 Penna Co
(Otis 4'2s
1560 100?,
loon do temp ( ts
l'ss . . .
1700 Phil i: tst 5s 9914
3000 Read gen 4s 8911
loooRead-Jt Cen
4s . 8714
Span-Am 1 4s
09.511 99.80
8J 83
91V.,
99 U
1
-.16
-1
9J14
901,
10014 1 00 1
98
89
9!
98
89 VJ
1001,
liitnl Nilrs, .,72,I50. (onunrrd vrilli $148 810
vehterdiivi thus fAr this week, $210,100; eaiue
period list week, M0, 200.
Local Bid and Asked
Todav Yestenlav
Ilia Ask Piil Vnk
lnrlun "iloie .!- . .IJ 34
llnldnln .14 TiVi f' "(Hi
llrlll (I U) . K. Jii 11 i'll
iiurr i suij t c ft'. ft7 ..'. 17
do prrf IS 111 4K r,n
Klutrlr stornce TO", 11 ij .10 Mi'j
OpnelHl Asphalt 111 IS 17 t'l
do jiet . 17 ft'J 1" 1,(1
Kejotonf telephone IIU U'a 1 1 'a 1"
do t i . . i" lis lift IIS
I.hK hupTlor Corp 1.1' 13a, 11, 11 1
I ehlgli .Snvlnatlon 1.0'i i.d' m 70
lahlch Vallfv . r.s ftsij :,- "
l.ehlah Vail.- Ir an L'J j I ji
lo pref . 40 IJ IJ 41
IViimolvnutu .'(l1, mi' .10 ft(l'
I'hlla IJleitrli -' t-o.i, Jii I'C',
1'hllj Company .Hi 3J 9ia HI)
tli .7 per rent pief uj .14 u :r.
ill. i, per lent pref :u .14 :' Pj 33
Phlla Kip 'liamlt t c L'l 2Vj L'l
r.eitdlnE 71 71 7JS4 7 1',
lunopih Heiniuut nl.'' .11 1 a', .nt
'lonupHh Mining ii, I,, i'a r.c,
l'nlon 'Jr.ittli.ii 4ii 41 411
I'nlted (.t Itnp l 7J 7JU 7J 7J'.
I'nltc.1 htales Ht.el 1UJ1, lfldl 10O, lno,
lork Hallway . 10 H n
do uref . .14 s 34 :;
VVm Cramp 4 hons (,o 6S 00 lis
INACTIVE I'HILA. STOCKS
I'oliowing ate q'uotatlons for inactive
slocks listed on the Philadelphia Stock Ex
change and in which thero weio no tians-
actlons Thuisday. The price given is the
Alllanre Ins
Am Gas War
Am Kwva pi
Amei Stolen
Ainr Stores pf
Hulf i. Husii I c
Buff & StlSfl t (
llrlll JO .
Cam Steel
den Asphall
Ins Co of N A
.i
8S
37'j
iS
no
jo
.un
jo
JG
Kevetono 7 el pf
l.h Valley Tr
Lit Bros
Little hchuylMll.
.Vllnehlll
North Cent
North Penna
Ilwy Co sen
York Hvva
York Kwva pf
ftl
JlVv
701,
00
ftl
11
J.1'4
New York Bond Sales
79',
S6'j
l.llVj
77'a
81 In
9J
10J
101
(18
4T,i
ft4
r.41a
84
OS'a
XI)
87V
X5Vi
xx;.
7JV,
nuii
1000 Ainer Asr deb Ba . 01
lftJSOO Anelo-l'rench Bs . nit
31000 Amer Tor Sen fis ... 9,1V
40P0 Amer Hmelt L Kef r.s, bSVj
11000 Amer Tel Bs ... ouv..
2000 Armour Co 4'2S . . , SOU
3000 Atchison sen 4a , MP,
100(1 Allan Co Line 1st 4a . 80 T
3000 Atl Char la .. ., 91'4
7000 llrkn Hv Tr Ca 1918 7S
Ss'.OO Bordeaux 6s , in
J00O Cent Leather 1st Ba 90
87000 Chill Copper 7s I IH'i
400(1 do .7s 99"!
7000 do cvt ." tf,
.100(1 Chi (It West 4s 61
1.1000 Chi II i O jolni 4s Ii4is
luoil C M L St P ten Is Sola
lOOIMI il) tliv 4s TH1,.
700(1 lo lfd 4'is 7)1,
1(10(1 lo vt ."is -r.
1.0011 tlo cvl 4',
.100U tlo cell 4'is
1MI00 Cht H I 4. P lfd 4a
J000 do 4a
000(1 Col L South lat 4s
ilioo city of Paris 8a
.11000 Con Qua (Vt 0s
4000 Cerro de Pasco (Is.
300O Den i Hlo Clr 4a
.1000 Krle tit 4a Set- B
3000 do cvt 4s Her D
3J0OO l'l ent. h Kepuli BVis,
11100 Kud i. Man rfd Bs
L'000 III Steel deb 4V, a
3000 Indiana Steel Ss
lllOO 111 Central 4a 195J
111(100 Interb Met 4iaH
J.iooo Interb It T ref Ca
llooo Inter .Vler Mar C.t
"000 Inter Aa fts
Kiooii Japanese new O S 4'jh 77t!
10(100 do new 4'.ia KS'I
.1000 U'vcka Steel Sa lOJd . 118
"00(1 1 la & SI T Ss. . DO
4130300 Libert! Bonds 314a 99.78
J 10O0 Lyons Os . 901.
JOOO Mex Pet Co (la Ser C 101
nOOO Minn i. St L 4a . 4ft
1000 Mo Kan T lit 4a HJ
1G1.10O Mo Pac am 4i nil
1000 Montana. Power Ba 01
SJ00O X 7 (" II h 11714
.1000 NYC. Hud 4s ..80
1000 X Y Clt 41ia JB60 7'
1000 do 414 19H4 71i
.1000 do 41a s 1985 101I
1000 N Y Gas II . P 4a
1 000 dn fta
7000 N Y Rwy 4 a
2000 do fta
100(1 N Y Tel cell 41, s.
JOOO N Y VV C t 71 lb'
38000 Nor Pac sen 3a.
1000 Ore Short L 4a
800(1 Nor Pao vv Si . ,
SJ000 Penna gen ct 4Vi
2000 Pare Marquette fa.,
1900O Reading Ken 4a
10000 Papub Cuba 6s 1804
10000 St L . 8 If alt.. ..
19000 do In ,. . .,
34000 do Ser A
100(1 Seaboard A I. adj Ca
"000 Mouth Bell Ba
8000 South Pao cv 4s
uoooo do tv oa.
10000- do rfd 4
84000 Soutb Rwy sen
sooo do oa , . 1
8000 Texaa Co 6s ...
"000 Tol St 1. Ic IV SHl
dSooo U 8 Rubber Sa .,.
2700(1 V 8 Bteal 8 F Ss
1000 Union Pao cv 4a...
JOOO do rfd 4a. .
411000 U K of a B I 5i
toftOOO do Blsa 1018 .
88000 do ft.Ha 1919 .
89000 do B'ii new 1919
S7000 do BV1 1?J1
SOOO Wait Shore 4a
aoivn wat ITnlon 4V4
9000 IVIatonilirsSant ten 4i 72
Talal al,..5J. conparnt
Low
IM
91V.
5?
881.
90't
89 IJ
811
80
9ft!4
97
90",
lOj'tt
I94
791j
(IJla
lll't
8 'I'll
7fli
7.1lj
M
79
hli'y
OiHi
77is
81
110
101'a
101
(I7I4
4.714
.14
914
r.414
84
9R1,
80
B7
SI
SS
C lose
91
tllji
liftVi
S8H
90V-.
SO '3
SIP,
8(1
1'i
97.
904
IIB'.
1014
H'J4
79'
I.I
!I74
811'ii
7(1 i
7.1'a
8.1
70
SB',
l.ll' 5
771,
81
9J
10J
101
(171a
4.7'.,
ft 4
tin
ft41a
84
UN's
SO
S.I.
ss
IIS ffl
fifl. KHI,
f 8.S SS
- "i
99.70 ,78
liOVa 9014
101 101
41 41
'J. OJ
ft.i. r.n
91 01
971. 97U
so so
.Sft .88
78, 781. 78J
98 8 98
21 2I4 jjl''
9J1. 9J? PJ4
4J . 4J 42
nli (MPf i,flii
87 87 K7
88 88 88
J,, 914 112
'4 '4 u
T' ef ?
4S, , 45 45
M'i B8U S81i
4B , 4 411
1'1'i Jl 02'i
... 81'i 8IK SIVi
4Ji 941i 041,
. . 84U M4U Hit!
4 , 82 mfi n
.94.. 94 94
100 100J1 100
7JW 7914 7
10014 106U looii
gJVt 871 87 (i
Slit alii 81V
S57t 8r vfr
SS" 9flJ 09V4
95 4C 94K
981, 08 5fl
93 9SV 98
J01 80VJ 8014
72 73
TRADING IMPROVES
ON CURB MARKET
Stocks Recover Losses Sustained
in Yesterday's Feverish Selling.
Interest in New Issues
XRW TORIC Oil Id
Theie was a ptonouueed lnipiovenient to
the trading done In tho lltoad stieet niai
ket, with many stocks tecoverlng losses pus.
tatned In yesterday's feverish dealings Mote
Indications were shown of 11 dlveiFlon of
speculative Intel est to newlBle8 with In
terlude Chemical continuing In good de
mand at its 1 pee nt advance, a good oluuic
ot business being transacted at 3it 10 "cs
Cities Service was also active, with sales
at 21B to 217. Submarine, after selling at
14, tallied to U'A. Aetna Lxnloshes was
Haded In at .1 "i 3 s, , and Maxim sold at
34 to the now low record of 9-1 C Iv'rlght
Maitln Air Craft sold at 8', to 8's Ah
Reduction was lirm, with sales at "1 to 8 J
Motor stocks weio heaij, with Tinted
tiaded In at JO to 19, and Chevrolet sell
ing at 71 and 72. Theie was heavv tiad
lng In Triangle Kilm at 1 1-10 to 1 and
back to -"4
Oil stocks weie quiet Osuge sold at
7's (o 74. Oklahoma Piodutlng at "'4 to
7'., Mid-West Refining at 133 to 131. Mer
uit at ."0is to 30. and lllk Basin at 7
to 7'
Mining shares vveie steadv, with mixed
changes Nlplssing told at I'i 1o "'4
and Knima Consolidated was In demand
at 4. with continued favoiabh develop
mdls at the mines .
Mote details were iivtelved of the tesult
of the diilllng of the new 010 bodies, with
technical Indications of addition to output
being close at hand
Mason Valley was - weak feature, sell
ing at 4 s to 4. with a rally to 4 tlieen
Monster sold down to S. and llulte Cop
per1 and tflnc at S8 to 8H.
l.MIUSTKIAI.H
mi
Alt Reduction .. 77
Aetna Kxploslves .. .. !
Ani-Urltlsh Mfg .7
Am Marconi . . :'
American Wilting Papci 3
Canadian Car Co . ., . 18
Can Car & Kd pief .. 48
Charcoal Iron .. 7
Cheviolct Motois . ... 71
Cramp . . 711
Curtlss AetopUne 37
Cat wen Tool . .... 8
Cat bon Steel . . ill
Uniet son Phonograph . . .114
Pcdctal I)e .. 1 ,
Ilendee Mlg . . 30
Kathodlon Bion.e pief. I
Lake Toipedo Lloat 4
Lehigh Coal Sales ' . 7(i
Lima Loco .1:
Maim Munitions 'H
Marlln Anns , lit
X V Shipbuilding . :io
X01 Amei Pap Pulp l't
Otis Llevatoi 48
Peel less Motoi . 9
Poolo ling 70
Redden Truck IS
.Scrlpps Booth 18
S S Kiesge 80
Standard Motors .... 8
Steel AIlojs . 7
Submarine . ... 1414
St Joseph Lead . .17
Todd Shipbuilding . . . .75
Triangle Film . . -'i
I'nlted Pi ofit ShJi Ing ... ij,
I" S Steamship . . 4
I'nlted Motois . 19 Ji
I'nlted Sugar 30
World rilm -I
Wright Mai tin Ail . 814
Zinc Concent . . I
sr vm win oi
Illinois
Ohio
Prairie Pipe . . ...238
Stand Oil of California .203
Stand Oil of New Jersey. 480
Stand Oil of New York. .223
IXDKrENDKNT OIL
Barnett Oil & Gas
Cosden & Co
Rlk Basin
NEW YORK COMMENT
ON STOCK SITUATION
Several Reasons Offered for Con.
unueu neavy Losses of Prin.
cipal Securities
Speculation Is rife as regards the naM
or leasons for the continued sharp declln.
Ill ..II main.. ...... ,.... ... .. -. U""M
""" "":! oil ine Xew Tnrlr
The following excerpt 1
Stock Ricchangc
fi oin comment In the New York
nespij(ri
lea
Ask
80
I
111
I
.71
H
10
811
.11
0
7.7
l.
12
30
t '4
7(1
.17
l
00
3 7
811
II
ito
0
711
114,
18
811
I
h
4H
201',
33
',
8(s
1)KP
(sale)
70
3 1
III
20.
todav applies to conditions in Philadelphia 1
as well as In New York:
N RV (VOItK TIMRS-There has been th.
usual amount of shoit selllnc In ,m
J!:i-s.?ue;..t p,otr-rt- " .;i
-'"" "'"eiy 'o more tangible causes.
The decline Ifas been brought about a
part or the price wo must pay for mi,
to vvai. Llnuldallon r ,1 .L.5.KOll
stocks which would have remaln.Ti .'
disturbed but for the war haTLll ""'
courage.! bv the Imposition ot heavy add
tioual taxes upon Incomes ln a"Lk
liquidation has been fortunate for vho? !
eminent bond issues, since many weald,,
Investois have found It advislble to UU
lonsldcrable losses on thei- i...u,- Jf..1
iiigs in otder to lelnveot the money ta tk. W
Llbeitv i'i-, TI10 liquidation has : cirrlei
standard securities down to a point wh. 1
(lift fln,I1. inaelr,. s- - -a. ... . " S
super taxes, ran buv them on better t.' 1
limn lie has been offered In a decade
In banking quarters llin forth... ...'...,..
ih.. n0t ioCa U"'1 as ",ore dtaWrth. I
than the declines of iccent davs. 1.: M
uanuers pointed out that the security rajr.
kets were passing through the shrao pha,
which the stock and bond markets of En
and experienced after that codntrv en.
tered tlie war The parallel was carried
fuither. in comment made upon the mr.
ket. bv the statement that the decline on
the London markets continued until In.
vestots realized that securities were
cheap," and then their buying quicWr
stabilized quotations 4 '
14
1714
414
19!
, MOCKS
195
300
Fedeial Oil .
Inter Petrol
Houston Oil
Mcrritt Oil
Midwest Ref
Met Petiol .
Ohio Fuel
Oklahoma Ref .
Osase Ilomlnj .
Rice Oil
Sapulpa Ref . .
.Sequoyah .
Sinclair
United West Oil
20 J
305
243
207
490
3 28
STOCKS
114
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7 '4
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.' 1.7
. .11
.131
ii
, 17
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9 ii
14
15
1
8
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131
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7
7 Oh
W
94
Ok
MIXING
Alaska Staudaid .. .
Atlanta . . .
Big Ledge . . .
Bisbee Copper (a pios)
Butte New Yoik . ...
Cal &. Jeiome .
Con Ariz
Hnnna Contollduted . .
First National .
Goldfleld Mergei
tloldfleld Cons
Goldfleld Florence
tioldfleld Kewanaa . . .
Green Monster
llecla Mining ....
Howe fjound
Independence Lead .
Jeiome Verde
Jumbo Kxtension
Magnate Copper
McKlnley Dariagh
Magma Copper .
Mother Lode
Mines Co of Ametlca
Nevada Hills
Nevada Wonder . . .,
Nlplssing
Ohio Copper
Ray Hercules
Stewart
San Toy
Tonopah Extension . . . ,
JUnlted Verde . ,
West End .Con
White Oaks
White Caps
Yerlngton
...
.srooKs
. . 1.1
ii
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31
12
10
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1 A
14
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.7 it
43 S
27
14
12
1
704
14
314
"
10
194
SIM,
6(1
3.
1
14
Bethlehem 5s ..
Cosden Oil 6s, .
Cosden & Co 6s
Cudahy Es . .
Erie 5i .
Russian Govt 51,s
do ?ls
Southern Railway E
Sinclair uu sa
I10N11S
9704
80
. 80
St
08.
63
75
iVa
93
2.1
11
14
1
HI
104
?
214
.1
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Id
li
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114
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29
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15
101
K.
304
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13
114 1 13-10
32
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114
15
08
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81 '
7
66
76
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314
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,'",.? n,K Tl,n" M- Tie t.tith k
shoit belling has had very little to r with
the decline In secuiity pi ires Boi s have
dropped quite as piecfpltately as stocks, un
til they are at the lowest level reached In
tvvenl teats or more and it 13 plain that
shoit telling has had nothing to do with
thai Obv ousl much bigger things are
bail, of this gi pat decline in values Per.
haps the most lmpoitant single fa" or hai
been the .distant liquidation of tecurltlea
bv Hob men who aie seeking to avoid
heavy taxation Imposed , .del the war rev
enue bill by shifting their funds Into tax
exempt securities, ptinclpallv the (lrt
Llbeitv Loan and municipal bonds Then
Is no doubt that this has been taking place
on a large scale, some of tho to who have
been making the shift frankly admit I
Ordinal ily these same men might b8 relied
upon to support the market under conditions
such ab obtain at picsent s It l, they
are not onlv withholding support but actu
ally contributing to the decline by con
tinued selling.
I
10.
la
314
em
hk
-?
to.
..Talal .l,W:f ?; ,P?4 "' -M.-1 ToeW Shipbuilding la., ia ..'..
i:w YORK SOX 1 lie break wai
attiibuted by bankers to steadv tfnnld..
tlon of Invcbtinents by wealthy people, wH 9
nave oecome aianneu over the-taxation pic
gram of the Government One banker saM
the plan of taxation as pabsed Is stupid and
unscientific' o
After the cloie tho cleilcal forces of the
big btokerage houses were busy sending out
calls for additional margin Ever since
the 1015 boom In tlie stock market and the
subsequent decline In prices brokera.e
houses have insisted that their cutomen
maintain large margins, but the deprecia
tion lias been bo great In the last three
months that these maigins have dwindled
to vlttually nothing
Bankers and brokers laid emphasis on
the fact that the break in prices jesterday
was not due In any degree to short selllnr.
but to liquidation mainly for the account!
of licit people who have steadily been tak
ing certificates out of their safe deposit
vaults ever since the Government's plant
relative to taxation assumed tangible form.
nV YOIIK AMLHIOAX The trouble,
according to sound judges of markets past
and present. Is largely psychological In that
every one, from tho odd-lot trader to the
substantial banker, is really ' up hi the air"
Fuither. it is not only the little fellow that
trades on scant maigins His wealthier
bt othei also tiles to bite off as much as he
can As a lesult, brokeis aie "selling out"
scoies of their customers for allure to
put up additional maigin
A banker Intimate! with the Stock Ex
change fraternity and with activities of the
exchange's governing board, states un
equivocally that only two things now can
help the cut rent situation They are, he
h.itl. neane. or Government aid ln the shape
of a laige loan to the railroads with which
to puuhase much-needed equipment ana i
meet maturing debts
DIVIDENDS DECLARED
Central Susar Corporation, regular quarlerlr
of J I 75 a sharo on preferred, payable .Novem
ber 1 to stock of record October 10
Commonwealth Title. Inaurancj .""l Tn
Company regular semi-annual of 0 per tent
payable Novembei 10 to stock of record OctoH"
31
(Jen-ral Cigar Compan, regular Quarterly
tl a ahare on common, pavable November 1 n
atock of record October 15.
Tobacco Product! Corporation Initial divi
dend of $100 a aharo on common, payawt
November 10 to atock of record November 1.
Kamlnlatlo.ua Power . Limited. iurterly Ji
11. per lent, pavablo November 15 to atoclc el
record October 31 ..,i.p
PlttsbuKh Oil and Oaa Company, rerulfj
quarterlj of a per cnt, pajable .November
to holder" of record October 31. ... ,r.
wen i-enn rower uhdiishi, ,c!'"'.;:hi. ':
t.rly of 14 -per cent on rJ".J?iX'" t
November 1 to holdern of record October -0 i
gallon! waruon v. uiuimi.r. .... t.H,r- .
tcrly ot - per cent on preferred and II o
common, both payable November 1 to toc l
record October 110. . , . .
Osceola Mining Company, quarterly J
hare, pavablo October 31 to stock of recorn
u,.'"r ". ... ,. ,...,iv f II. '
payable. October 31 to itock of record October
Central Itallroad of New Jeraey. r"Y
quarterly of 2 per cent, payable November ,
inoiaeri ot recoru cicioDer -1 ...
r..w.-
lo .torkiiolil.r. of rerord October 27
warwicK iron ana oicci vw...... ;-- ,
emlannual of 3 per cent, payable- November
lo stock of record October 31. A. ,....,, .
Tlconderuza Pulp Paper Company, dividend or ;
10 per cent, pable December 10 to atock ,
record November 30 . -,.
, St. . Lawrenca Flour Mill Company.
Initial quarterly of li per cent on common.
American Zinc. Lead and Smelting Col"?;'
r.gular quarterly of tl 50 on preferred. vy
able November 1 to stock of record October -i ,
Aldlne Truit Company, regular auarterlr J
3 per cent, payable Novembar 1 to IK "
record October -4
UAR 'SILVElt
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